Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

OPEC will welcome the return of Iran to the international oil market once the U.S. lifts sanctions from Tehran, the secretary general of the cartel said. “We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I’m sure there will be good …

Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and isn’t reducing oil production as pledged, complicating …

The UAE is a recognised global leader in tackling the challenges related to energy, climate change and sustainable development. Not only in words, but also in its actions with major investments into the development and deployment of renewables and technologies focused on reducing greenhouse gas emissions. Dr. Al Jaber is …

Russia would prefer its partners of the OPEC+ group to leave oil production unchanged when it meets next week, as Moscow is okay with the current oil prices and production quotas, sources with knowledge of the Russian position told Reuters on Friday. OPEC+, which will hold a meeting on June …

OPEC Secretary General Haitham Al Ghais said on Monday that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth. He also said the world needs to focus on reducing green house gas emissions rather than replacing one form of energy with …

Russian President Vladimir Putin said on Wednesday, May 17, that oil production cuts were required to maintain a certain price level, contradicting assurances from other leaders of the OPEC+ group of producers that it was not seeking to manage the market in that way. The United States and Europe have …

OPEC invited Ecuador to rejoin the oil producers’ group just over three years after its departure, according to a letter received by the country’s Energy Ministry. Secretary-General Haitham Al-Ghais wrote that readmission of the Latin American nation is a “top priority” for OPEC and offered to visit to “explain the …

Haitham Al Ghais, Secretary General of OPEC, said there may be no one-size-fits-all solution to a sustainable energy future, but collaboration and inclusive action will be “essential in achieving a just and permanent transition.” In press statements on the sustainability-centric efforts made by the international organisation, Al Ghaith said, “The …

According to Iraq’s oil minister, Hayan Abdel-Ghani, Iraq does not anticipate further oil output cuts by OPEC+ at its next meeting in June. In an interview with Reuters, Abdel-Ghani stated that Iraq could not reduce its oil production further and expects no additional reduction during the upcoming meeting. Iraq is …

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year. Daily rates on the Middle East to China route for the very large …